WHERE WE ARE ON APRIL 17, 2013: Still need $14,602.33 to meet $170,050 yearly goal by April 15, 2014 ($1,216 per month - 12 months from April 1, 2012 - April 1, 2013)

Savings Goals:
Hubby's paychecks $2,478 X 26 wks = $64,428
My savings $1,500 mo. X 12 = $18,000
By March 1, 2014 hubby and I should meet our savings goal of $175,050 and have $50,097 in extra savings (this will give us an emergency fund of $80,097). Next year we hope to convert the remaining $100K of the real estate IRA into a roth and will need about $45K to do that. We will easily be able to meet that goal during 2014!

WHO ARE WE (money wise)?
I am a wife and mother of two grown sons. I own a business & my husband has a good job and we have done some things right (pd. off mortgage, pretty good 401Ks, more than $100,000 in savings, 9 mostly paid off rental houses (10 units). Previously we used a VISA card but now we are only using our debit card.

Most people would say we are in great shape which we are, however, I also have a tendency to overspend money at times (sometimes I worry I have a spending problem).

I want to learn to appreciate what I have and stop frittering money away. With me it is usually either wild overspending or total frugality. I want to learn to live a more balanced financial life, in the middle.

SPENDING/SAVINGS GOALS:
* Continue to stay off EBAY!!! DONE
* Write down all expenditures DONE
* Continue to use the debit card, not the charge card GOT RID OF CHARGE CARD! DONE
* FIND OUT WHAT WE NEED TO LIVE EACH MONTH! Develop a spending plan. DONE
* Continue to save my DH�s
paychecks and live on mine
DONE
INVESTMENT GOALS:
* Gather all figures for 401K,
IRAs, banks accounts DONE
* Create a Net Worth Statement DONE
* Use real estate (rentals) to produce income of $7,000 a month in income tax free

GOAL: Turn the rental account into a ROTH in 2013 so all rental income will be tax free. This is a BIG savings goal for us! We need $120-$160K to pay the taxes on this 400K account. (we have have to convert 280K of the account this year and 100K next year so we will still have some emergency fund money left)

INVESTMENT GOALS: Get our 401K invested in safe mututal funds
FEB - Created a plan and are dollar cost averaging to get back in over the next six months.

2013 - So Far So Good!

January 3rd, 2013 at 07:41 am

I know it's only two days into the new year and everyone makes resolutions, but this time feels different.

I have created a new spending plan for us which entails our living off my salary and banking hubbies. To make that work:
1) I am going to take the main "frittering" areas...groceries, restaurants, movies, clothing and create an envelope system so we don't overspend.
2) I am not going to use MY charge card. Hubby will keep one to use in case we need to order something from the internet.
3) I am writing down everything I spend in a small notebook I carry around.
4) I will stay away from Ebay!
5) I will look at all our accounts online more regularly...savings, checking, rental house accounts and 401K accounts.

I have been living in a "financial haze" mostly ignoring all of that and it's time to wake up and take notice.

I am 55 this year with 10 years till official retirement age. This is a manageble countdown to a quite foreseeable endpoint.

To those of you younger folks, I will tell you it DOES eventually come. The more awake you can be in realizing this the better off you will be.

3 Responses to “2013 - So Far So Good!”

Those are great goals for 2013 and I hope that it leads to much success for you. I agree that one of the best forms of insurance is simply to avoid the places where you know you are most tempted to spend money! Good luck...
Jerry

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